President Trump announced today that the U.S. and China have an outline for what is being called phase 1 of a multi phase trade deal. The announcement included a decision not to increase the Section 301 List 1, 2, and 3 tariffs from 25% to 30% as scheduled on next Tuesday, October 15, 2019. Products subject to list 1, 2, and 3 tariffs will continue to be subject to the 25% tariff for the time being.

The announcement also has no impact on list 4A (still subject to 15% tariff) as well as the impending 15% tariff on list 4B that is scheduled to go into effect on December 15, 2019.